On Thursday, Wolfspeed, Inc ( WOLF ) announced the appointment of Robert Feurle as CEO, effective May 1, 2025.

The decision follows a comprehensive internal and external search by the board of directors.

Feurle brings over two decades of leading global organizations developing the most advanced power semiconductor solutions in automotive and high-voltage applications, including silicon and silicon carbide.

Feurle succeeds Thomas Werner, who serves as interim executive chairman and will return as board chairman following the transition.

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A citizen of both the United States and Germany, Feurle will return to the United States, where he previously spent a decade in executive roles at Micron Technology ( MU ) , and will relocate to the company’s headquarters in Durham, North Carolina.

Most recently, he served as Executive Vice President and General Manager of the Opto Semiconductors Business Unit at ams-OSRAM AG.

Wolfspeed ( WOLF ) stock plunged 80% in the last 12 months. It failed to reach the analyst revenue estimate in the previous four quarters, leading to Wall Street analyst price target cuts.

In January, Wolfspeed ( WOLF ) reported second-quarter revenue decline of 13.4% to $180.5 million, missing the analyst consensus estimate of $186.0 million. Adjusted EPS loss of $(0.95) missed the analyst consensus estimate of $(0.82).

Wolfspeed ( WOLF ) expects third-quarter revenue from continuing operations of $170 million-$200 million versus the $194.46 million consensus estimate. It expects adjusted EPS loss of $(0.88)-$(0.76) versus $(0.76) consensus estimate.

Price Action: WOLF stock is down 0.85% at $5.80 premarket at last check Thursday.

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Image: Courtesy of Wolfspeed ( WOLF )